IRS Stimulus

[jmc]

This is all direct deposit right?

When are the actual paper checks, going out for all of us non-direct deposit peoples?

[Kiyuan98]

This is all direct deposit right?

When are the actual paper checks, going out for all of us non-direct deposit peoples?

after all the direct deposits are done. so expect sometime late next week, to about the 15-25th of of may depending on the ss digit order.

[Effluo]

Here's the official word from the IRS


Direct Deposit Payments:

If the last two digits of your Social Security number are:
Your economic stimulus payment deposit should be transmitted to your bank account by:

00 – 20
May 2

21 – 75
May 9

76 – 99
May 16

Paper Check:

If the last two digits of your Social Security number are:
Your check should be in the mail by:

00 – 09
May 16

10 – 18
May 23

19 – 25
May 30

26 – 38
June 6

39 – 51
June 13

52 – 63
June 20

64 – 75
June 27

76 – 87
July 4

88 – 99
July 11

[kuronosan]

The last group of SSNs should get it starting monday.

You mean the middle group?

Yes, woops.

[netz]

Bah, thanks to taking one of the two educational credits when I filed my taxes, my income tax liability is $0.

Suppose I don't get shit, unless they pay me $300 anyway.

[Khamsin]

I dunno how you guys say you don't get anything. This is YOUR money, they're just giving it a year earlier. Come around tax time next year those 19 year old college students won't be getting a 600 cut to their '09 taxes unlike those that are getting the stimulus right now.

Only way you lose out is if you wouldn't make more than 600 in taxes for 08. I guess you can't owe money from the rebate. So basically, next year if you technically make 800 dollars on your tax refund, you will only recieve 200. If you made 400 dollars on your refund, you won't get anything but you won't owe anything either. which might have worked for those college students but then they probably don't make enough anyways to receive the rebate in the first place.

So it was confirmed then that this is merely an advancement of your '08 tax refund next year, to be made up for by future taxes and is not free money?

[izembo]

wrong, it is free money, it does not come off your taxes for next year. mother works in accounting and does taxes and verified this with her. it does count as taxable income for the year, but thats it.

[Kiro]

I only got $300 return and it says $600 for single making under 75k a year. :<

[Intense]

I only got $300 return and it says $600 for single making under 75k a year. :<

Ugh, Im dreading this happening to me as well >

[Kiro]

I only got $300 return and it says $600 for single making under 75k a year. :<

Ugh, Im dreading this happening to me as well >

I dunno why I only got $300. I'm about to call the IRS and find out, 'cause I was told I was getting $600. :<

[omgaggrohelpme]

its in a scale, its UP TO 600$ not 600... in the links posted on the previous pages you can read that the scale starts at 300$ and goes up to 600$ depending on how much you declared, and how much Earned income Credit you qualify for.

Families with children should still receive 1200$ and an additional 300$ for each bugger they have.

[Intense]

I only got $300 return and it says $600 for single making under 75k a year. :<

Ugh, Im dreading this happening to me as well >

I dunno why I only got $300. I'm about to call the IRS and find out, 'cause I was told I was getting $600. :<

Would you mind sharing how much you got back for your initial tax return? I have a theory..

[Kiro]

its in a scale, its UP TO 600$ not 600... in the links posted on the previous pages you can read that the scale starts at 300$ and goes up to 600$ depending on how much you declared, and how much Earned income Credit you qualify for.

Families with children should still receive 1200$ and an additional 300$ for each bugger they have.

'Kay that explains in then.

Yay $300 though.

[omgaggrohelpme]

how much u get back has no insight into this additional money.. it is completely separated from it, now something that does go into effect when figuring out how much you're to get is if you qualified for Earned Income Credit... which is anyone over 25 and under 65 that made over 3000$ would receive roughly 5% of their income as credit/refund. Trust me, I am a CPA as I stated before, and I've been looking over and over this since October of Last year, when it was a possibility.

[Khamsin]

So if I made a good amount of money (but still under $75k), had a lot of deductions (due to a lot of interest paid on mortgage), and have no EIC, no dependants other than myself, should I be looking at $300 or $600?

[Intense]

how much u get back has no insight into this additional money.. it is completely separated from it, now something that does go into effect when figuring out how much you're to get is if you qualified for Earned Income Credit... which is anyone over 25 and under 65 that made over 3000$ would receive roughly 5% of their income as credit/refund. Trust me, I am a CPA as I stated before, and I've been looking over and over this since October of Last year, when it was a possibility.

So by that definition, 5% of my income is $1700.. meaning Id max out at $600? Im confused...

[Khamsin]

Earned Income Credit... which is anyone over 25 and under 65 that made over 3000$ would receive roughly 5% of their income as credit/refund

I'm 28... so I've qualified for EIC all this time, being within that age range and making way over $3000, and could have been getting 5% of my income back the past 3 years? That's like $3000 I missed out on, in addition to all my deductions. I'm going to have to look into that next year.

[omgaggrohelpme]

So if I made a good amount of money (but still under $75k), had a lot of deductions (due to a lot of interest paid on mortgage), and have no EIC, no dependants other than myself, should I be looking at $300 or $600?

$600.00, you are exactly the type of person that this bonus is for.. people with middle wage income over 35kish if single that have alot of Federal Income Tax Withheld. You're refund should be $600.00 if you ended up having any money withheld from your W-2 form. I'll try to upload a copy of the W-2 I got and my 600$ deposit I got this past week...

@ the post above.

No, Earned Income Credit is a program/credit the gov. gives to low income to middle income families the E.I.C. phases out over 38k completely, it is for families/single people who earned on a scale..

If you're single the E.I.C. disappears when you make 12k, if you have 1 kid it goes up to 30k but it can go down to 1$, if you have 2 kids it goes up to 38k and it can be once again 1$.

the % i said was for single people who make between 3k-10k and its in a up and down scale.. if you make close to 12 u get less than someone who made 7-9k..

[omgaggrohelpme]

Link to EIC and what it stands and how to figure out how much you can get...

http://www.irs.gov/taxtopics/tc601.html

Topic 601 - Earned Income Credit

You may qualify for the Earned Income Tax Credit, or EITC, if you worked last year, but did not earn a lot of money.

EITC is a refundable tax credit meaning you could qualify for a tax refund even if you did not have federal income tax withheld.

To qualify for the credit, you must:

* Have a valid Social Security Number (if you are filing a joint return, your spouse also must have a valid Social Security Number)
* Have earned income from employment or from self-employment
* Have a filing status other than married, filing separately
* Be a U.S. citizen or resident alien all year, or a nonresident alien married to a U.S. citizen or resident alien and filing a joint return
* Not be a qualifying child of another person (if you are filing a joint return, your spouse also can not be a qualifying person)
* Not file Form 2555 or 2555-EZ (related to foreign earned income), and
* Have a qualifying child OR:
o be age 25 but under 65 at the end of the year
o live in the United States for more than half the year, and
o not qualify as a dependent of another person

If you qualify, the amount of your EITC will depend on whether you have children, the number of children you have, and the amount of your wages and income last year.

For more information or to see if you qualify, go to www.irs.gov/eitc or call 1

[Woozie]

Bah, thanks to taking one of the two educational credits when I filed my taxes, my income tax liability is $0.

Suppose I don't get shit, unless they pay me $300 anyway.

Me too, but I'm still getting 300 dollars back according to H&R block.